What's driving the Contract Research Organization Market trends? Charles River Laboratories International (CRL), Parexel International, Laboratory Corporation of America Holdings (Covance), Syneos Health, CMIC, EPS International, Clinipace, Clinitec, ICON
Moreover, increasing investment in R&D activities will boost industry growth in the coming years. For instance, the federal government and federally funded R&D centers (FFRDCs) in the U.S. are a major source of R&D funding. Furthermore, advancements in information technology have led to tremendous development in clinical trials that will accelerate contract research organization industry growth globally.
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Some of the notable industry players operating in the contract research organization market are Charles River Laboratories International (CRL), Parexel International, Laboratory Corporation of America Holdings (Covance), Syneos Health, CMIC, EPS International, Clinipace, Clinitec, ICON, IQVIA (Quintiles IMS), Pharmaceutical Product Development (PDD), Medpace, Synteract, Worldwide Clinical Trials, PRA Health Sciences, and Wuxi AppTec
Contract Research Organization Market is expected to exceed USD 61 billion by 2025. The growing advantages associated with clinical trials being conducted in emerging economies will drive the contract research organization market over the analysis timeframe.
Some major findings of the contract research organization market report include:
- Increased emphasis amongst emerging countries government on public healthcare modification will propel the market growth
- Enhanced market entry and bigger purchasing power are factors raising the prospect for advanced medicines
- Pharmaceutical firms are increasingly outsourcing research activities to academic institutes and private contract research organizations to remain competitive and flexible in advancing technologies
- North America contract research organization market dominated the overall market and is estimated to witness similar trends in the foreseeable future. High growth can be attributed to strong footprint of major pharma and biopharma companies coupled with high R&D investments in the region
- Early phase development services segment has the highest ability to capture during forthcoming years
Medical device companies? segment was valued over USD 10.5 billion in 2018 and is anticipated to witness lucrative growth over the analysis timeframe. The segmental growth is majorly due to the growing demand for special contract research organization services that provide unique needs of medical device companies. Clinical trials play an essential role during the development of medical devices, thereby driving the industry growth.
U.S. contract research organization market accounted for more than 7.0% revenue share in 2018. Significant revenue share can be attributed to the increasing focus of pharma companies on innovative drug development for treatment of various chronic diseases. Also, increasing geriatric population is a contributing factor in industry growth. As per the U. S Census Bureau report, the geriatric population of the U.S. aged 65 and above was around 47.8 million in 2015 and is anticipated to reach 98.2 million by 2060. Such rapidly growing geriatric population suffering from various chronic disorders will surge the demand for medicines/drug therapies. This will ultimately boost new drug development and clinical trial activities, thereby fostering CRO market growth in the country.
Some of the notable industry players operating in the contract research organization market are Charles River Laboratories International (CRL), Parexel International, Laboratory Corporation of America Holdings (Covance), Syneos Health, CMIC, EPS International, Clinipace, Clinitec, ICON, IQVIA (Quintiles IMS), Pharmaceutical Product Development (PDD), Medpace, Synteract, Worldwide Clinical Trials, PRA Health Sciences, and Wuxi AppTec. The companies have undertaken inorganic strategies such as collaborations, partnerships to expand its geographical reach as well as strengthen market position. In August 2018, Syneos Health announced its acquisition of Kinapse, an operational and advisory solutions provider. The strategic acquisition will help in increasing Syneos Health?s ability to provide customers with end-to-end solutions, thereby broadening its services portfolio as well as business revenue.
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